Man Industries Wins Rs 400 Crore Order, Shares Soar 12% To A Record
The total unexecuted order book stands at around Rs 1,300 crore and will be executed in six months, according to an exchange filing.
Shares of Man Industries (India) Ltd. surged over 12% to an all-time high on Monday after winning order worth Rs 400 crore for supply of various types of pipes.
The total unexecuted order book stands at around Rs 1,300 crore and will be executed in six months, according to an exchange filing.
Man Industries' stock rose as much as 12.30% during the day to Rs 378.90 apiece on the NSE. It was trading 6.56% higher at Rs 359.55 per share, compared to 0.73% advance in the benchmark Nifty 50 at 11:50 a.m.
The share price has risen 352.97% in the last 12 months. The total traded volume so far in the day stood at 3.5 times its 30-day average. The relative strength index was at 80.389, implying that the stock maybe overbought.
An analyst tracking Man Industries has a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 357.8%.